
The greenback continued its bullish momentum to start the week, as the US dollar index overnight climbed to the highest since January 4 at 96.43.Base metals closed mixed last night. LME aluminium lost over 1% and SHFE aluminium fell 0.59%.
Benchmark aluminium price on London Metal Exchange dropped to close at US$ 1842.5per tonne on Monday, January 21. LME aluminium came off from a high of US$1,886 per tonne during the European session, as it fell below the 20- and five-day moving averages. SMM expects the contract to trade at US$1,840-1,865 per tonne today.
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As on January 21, LME aluminium cash (bid) price stood at US$ 1842 per tonne, LME official settlement price stands at US$ 1842.50 per tonne; 3-months bid price stands at US$ 1855 per tonne, 3-months offer price is US$ 1856 per tonne; Dec 19 bid price stands at US$ 1978 per tonne, and Dec 19 offer price stands at US$ 1983 per tonne.
The LME aluminium opening stock stood at 1301650 tonnes. Live Warrants totalled at 1034125 tonnes, and Cancelled Warrants were 267525 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1866.62 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange stood at US$ 1972 per tonne from US$ 1992 per tonne on January 21.
The SHFE 1903 contract lost some overnight gains in morning trades and inched up in a tight range in the afternoon. It finished the trading day 1.1% higher at RMB13,535 per tonne.
The SHFE 1902 contract hovered weakly below the daily moving average, as shorts dominated the market. Shanghai Metals Market expects the contract to trade at RMB13,420-13,520 per tonne with spot discounts of RMB90-50 per tonne.
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